2025年环塔拉力赛赛后，长城汽车启动了为越野爱好者打造的"环塔欢乐周"活动。 中国青年报客户端讯（中青报·中青网记者 王京辉）随着最后一辆越野车卷起黄沙冲过终点，2025年环 塔拉力赛在新疆喀什落幕。在本届拉力赛中斩获厂商队杯T2.E量产新能源组冠军、并包揽厂商队杯T2.1 量产燃油组前三名后，长城汽车决定"趁热打铁"，启动了为越野爱好者打造的"环塔欢乐周"活动。据了 解，本次环塔欢乐周融合了环塔赛道越野体验、沙漠驾控学院、新疆风味美食、丝路文明探秘、自驾穿 越等丰富内容。 有调查显示，2023年全国自驾游人数占国内出游总人数比重达74%，川西环线、川藏线、皖南川藏线、 青甘环线、西北环线等成为最受欢迎的自驾游路线，也带动了汽车市场的变革。近年来，不仅长城汽 车、东风猛士、捷途、方程豹等自主品牌纷纷跻身越野车市场，国产福特烈马（Bronco）、全新普拉多 去年上市后也受到了市场广泛关注。 "需求端受益于消费者用车需求走向多元化，硬派越野受益于自驾游需求提升；70后、80后增换购需求 成为车市主力，硬派越野车型有望成为用户购车进阶方向。"西部证券研报认为，到2030年，国内硬派 越野占SUV比重有望达到海外主 ...

在本次环塔欢乐周上，长城汽车技术中心副总经理王超发布了中国首个"越野技能分级标准"，该标准与此前发布的"越野车辆分级标准"、"越野场 景分级标准"共同构建起"人-车-场"三位一体越野分级标准体系。分级体系涵盖"经验、装备、理论、驾驶"四大维度，全面评估越野者的操作能力 与安全水平。 6月2日，长城汽车"环塔欢乐周"活动在新疆喀什启幕，成为2025年环塔拉力赛落幕之后的接力和延续活动。今年的环塔赛场，长城车队成绩出 色，其中长城坦克Hi4车队斩获厂商队杯T2.E量产新能源组冠军，长城哈弗车队二代H9柴油版、猛龙燃油版，长城炮车队V6火炮，分别斩获厂商 队杯T2.1量产燃油组前三名。 在即将上线的越野路书APP中，系统将按雪、泥、沙、山等不同场景，开放相应越野能力的培训报名。用户报名参加，积累到足够积分，并点亮4 级的等级，将进入长城汽车环塔预备车手名单，有望与长城汽车一起征战明年的环塔拉力赛。 长城汽车董事长魏建军表示："越野给大家带来了很多情绪价值，很快乐，但最重要的就是要有敬畏之心，一定要把安全放在首位。长城汽车发布 越野分级，就是希望给大家带来指引，引导大家更安全地享受越野。 魏建军还提到，未来长城汽车将 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company experienced a recovery in May sales, with a year-on-year increase of 11.78%, selling 102,200 vehicles [6][7] - The sales of new energy vehicles reached 32,600 units in May, up 32.41% year-on-year, while sales of models priced above 200,000 yuan increased by 24.67% [7] - The company is expanding its overseas sales, with May overseas sales at 34,500 units, accounting for 33.78% of total monthly sales [8] - New product launches are expected to support continued sales growth, with several new models introduced in April and May [8] Summary by Sections Basic Data - Latest closing price: 22.46 yuan - 12-month A-share price range: 21.83-32.03 yuan - Total shares: 8,559.53 million - Circulating market value: 191.54 billion yuan [2] Sales Performance - May sales reached 102,200 units, with a cumulative total of 459,100 units from January to May, showing a slight year-on-year decrease of 0.54% [6] - Breakdown of May sales by brand: Haval brand sold 57,700 units (+22.58% YoY), WEY brand sold 6,200 units (+115.27% YoY), and Ora brand sold 2,000 units (-67.34% YoY) [7] Financial Forecast - Expected net profits for 2025-2027 are projected at 14.315 billion, 16.584 billion, and 18.762 billion yuan, respectively, with year-on-year growth rates of 12.8%, 15.9%, and 13.1% [9] - Revenue forecasts for 2025-2027 are 234.06 billion, 264.54 billion, and 294.23 billion yuan, with growth rates of 15.8%, 13.0%, and 11.2% [11]

Core Viewpoint - The collaboration between Great Wall Motors and Tsinghua University explores the integration of Eastern aesthetics into automotive design, highlighting the innovative value of Chinese design in the global automotive industry transformation [1][3]. Group 1: Eastern Aesthetics in Design - Professor Lu Xiaobo emphasizes that the essence of Eastern aesthetics is "internal and external cultivation, harmony between man and nature," with "grandeur" as a concrete expression of this philosophy [3]. - The design language of the Great Wall Motors' Weipai Gaoshan model incorporates elements like the front face resembling "flowing waterfalls," a waistline that flows like energy, and tail lights that evoke the poetry of "lush forests and bamboo," achieving a balance between strong lines and negative space [3][5]. Group 2: Emotional Needs and User Experience - As the automotive industry is influenced by new energy and AI technologies, user emotional needs are increasingly important. The "eaves sheltering from rain" design concept illustrates how details like dynamic ambient lighting and voice assistant tone convey "unobtrusive care" [5]. - Future automotive design should transcend functional needs to create a "new human-vehicle ecosystem," as highlighted by Professor Zhang Lei [5]. Group 3: Technological Integration - The Weipai Gaoshan model utilizes Coffee OS 3.2 to enable four-zone voice interaction, multi-screen linkage, and AR-HUD technology, evolving the cockpit into a "third living space" [6]. - Great Wall Motors aims to transform the relationship between humans and vehicles from a tool-based approach to a symbiotic partnership through AI architecture, focusing on spatial reconstruction, interaction enhancement, and value reshaping [6]. Group 4: Family-Oriented Design - The "spatial equity" concept proposed by designer Xu Lingfeng features a long shared rail design in the second and third rows, creating an MPV-sized cabin for a "mobile meeting room" experience [8]. - The flexible seating system caters to the spatial needs of multi-child families while ensuring comfort for the elderly, moving beyond mere parameter competition to provide emotionally resonant travel solutions for family users [8].

Investment Rating - The report maintains a "Buy" rating for Great Wall Motors, with a target price of 22.46 CNY per share, corresponding to a PE ratio of 14/12/11 for the years 2025-2027 [6][8]. Core Views - Great Wall Motors has shown strong sales performance in May 2025, with a wholesale volume of 102,000 vehicles, representing a year-on-year increase of 11.8% and a month-on-month increase of 2.2% [3]. - The company is experiencing a positive trend in its product lineup, with significant contributions from the Tank and Wey brands, and a strategic focus on high-end electric vehicles [4][6]. - The overseas sales are also on an upward trajectory, with a steady push towards globalization and local production in markets like Brazil [5][6]. Summary by Sections Sales Performance - In May 2025, the wholesale sales of Haval reached 58,000 units, up 22.6% year-on-year, while Wey's sales surged by 115.3% to 6,000 units [3][4]. - The Tank brand maintained stable profits with sales of 21,000 units in May, reflecting a year-on-year increase of 2.8% [4]. Product Development - The Tank 700 Hi4-Z is set to enhance the brand's appeal with a new 2.0T engine and dual motors, offering a pure electric range of 190 kilometers [4]. - The launch of new models under the Wey brand, including the Gao Shan family, has significantly boosted sales, with over 5,900 pre-orders within 24 hours of launch [4]. Financial Projections - Revenue forecasts for Great Wall Motors are projected at 226.78 billion CNY for 2025, with net profit expected to reach 14.09 billion CNY [7][11]. - The company anticipates a steady growth trajectory, with revenue growth rates of 12.2% in 2025 and 15.4% in 2026 [7][12]. Global Expansion - The overseas wholesale sales in May 2025 were 35,000 units, marking a slight increase of 0.2% year-on-year, with plans for a manufacturing facility in Brazil to enhance local production capabilities [5][6].

Investment Rating - The report maintains a "Buy" rating for Great Wall Motors, with a target price of 22.46 CNY per share, corresponding to a PE ratio of 14/12/11 for the years 2025-2027 [6][8]. Core Views - Great Wall Motors has shown strong sales performance in May 2025, with a wholesale volume of 102,000 vehicles, representing a year-on-year increase of 11.8% and a month-on-month increase of 2.2% [3]. - The company is experiencing a positive trend in its product lineup, with significant contributions from the Tank and Wey brands, and a strategic focus on high-end and intelligent electric vehicles [4][6]. - The overseas sales are also on an upward trajectory, with a 0.2% year-on-year increase in May, and the establishment of a manufacturing base in Brazil is expected to enhance its market penetration in Latin America [5][6]. Summary by Sections Sales Performance - In May 2025, the Haval brand sold 58,000 vehicles, up 22.6% year-on-year, while the Wey brand saw a remarkable increase of 115.3% year-on-year with 6,000 units sold [3][4]. - The Tank brand maintained stable profits with 21,000 units sold in May, reflecting a 2.8% year-on-year increase [4]. Product Development - The Tank 700 Hi4-Z model is set to launch with a new 2.0T engine and dual motors, enhancing its off-road capabilities [4]. - The Wey brand's new models, including the Gaoshan 7, 8, and 9, have received strong market interest, with over 5,900 pre-orders within 24 hours of launch [4]. Financial Projections - Revenue projections for 2025-2027 are estimated at 226.78 billion CNY, 261.70 billion CNY, and 296.25 billion CNY respectively, with net profits expected to reach 14.09 billion CNY, 16.30 billion CNY, and 18.24 billion CNY [6][7]. - The company is expected to maintain a steady growth rate, with a projected net profit growth of 11% in 2025 and 15.7% in 2026 [7][12].

Core Insights - The company reported a wholesale sales volume of 102,000 vehicles in May 2025, representing a year-on-year increase of 11.8% and a month-on-month increase of 2.2% [1] - Cumulative wholesale sales from January to May 2025 reached 459,000 vehicles, showing a slight decline of 0.5% year-on-year [1] Group 1: Brand Performance - Haval brand achieved wholesale sales of 58,000 vehicles in May, up 22.6% year-on-year and 1.7% month-on-month, with cumulative sales of 259,000 vehicles from January to May, reflecting a 2.8% increase year-on-year [1][3] - Wey brand saw significant growth with May sales of 6,000 vehicles, a remarkable increase of 115.3% year-on-year and 28.1% month-on-month, with cumulative sales of 24,000 vehicles from January to May, up 43.5% year-on-year [1][2] - Tank brand sold 21,000 vehicles in May, marking a 2.8% increase year-on-year and an 8.8% increase month-on-month, with cumulative sales of 82,000 vehicles from January to May, down 8.8% year-on-year [1][2] - Ora brand experienced a decline in sales, with only 2,000 vehicles sold in May, down 67.3% year-on-year, and cumulative sales of 11,000 vehicles from January to May, down 58.7% year-on-year [1] - Pickup trucks sold 16,000 units in May, reflecting a year-on-year increase of 2.7% but a month-on-month decrease of 11.4%, with cumulative sales of 83,000 vehicles from January to May, up 8.3% year-on-year [1] Group 2: New Product Launches and Promotions - The launch of the Haval Dragon fuel version on May 27, priced between 156,900 and 167,900 yuan, is expected to enhance sales due to its advanced powertrain and intelligent four-wheel drive system [3] - Haval initiated a promotional campaign called "All Series New Price" in June, covering various models, which is anticipated to stimulate sales growth [3] Group 3: International Expansion - The company reported overseas wholesale sales of 35,000 vehicles in May, a slight increase of 0.2% year-on-year and a 7.4% increase month-on-month, with cumulative sales of 158,000 vehicles from January to May, down 3.6% year-on-year [3] - A new factory in Brazil is set to begin production in mid-2025, with an initial output of three models and an annual capacity of 50,000 vehicles, supporting local supply and enhancing market penetration in Latin America [3]

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 32.79 CNY per share, while the current share price is 22.46 CNY [4]. Core Views - The company has shown strong performance in May with a wholesale sales volume of 102,000 units, representing a year-on-year increase of 12% and a month-on-month increase of 2% [1]. - The domestic sales reached 68,000 units in May, up 19% year-on-year, primarily driven by the accelerated delivery of models such as Tank 300 and the second-generation Xiaolong MAX [2]. - The company is entering a new growth phase with the launch of new models and a focus on the mainstream market, which is expected to lead to a sales upturn [3]. Summary by Sections Sales Performance - In May, the company achieved a wholesale sales volume of 102,000 units, with a notable increase in new energy vehicle sales, which reached 33,000 units, up 32% year-on-year and 13% month-on-month [2]. - The Tank series sold 21,000 units, while Haval and Wey brands also reported significant year-on-year growth of 23% and 115%, respectively [2]. Future Outlook - The company is expected to benefit from the launch of new models and a refined marketing strategy, which could lead to a significant increase in sales in the domestic mainstream new energy market [3]. - The Hi4Z technology is anticipated to enhance the Tank series' appeal, potentially expanding its market share in urban SUVs [3]. - The company has a diverse product lineup and strong technological reserves, indicating substantial export potential as new models and powertrains are introduced [3]. Financial Projections - The projected net profits for 2025, 2026, and 2027 are 14.03 billion, 17.40 billion, and 20.96 billion CNY, respectively, with corresponding price-to-earnings ratios of 13.7, 11.1, and 9.2 times [9][10].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年5月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 長城汽車股份有限公司 呈交日期: 2025年6月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02333 | | 說明 | 無 | | | | | | | | 多櫃檯證券代號 | 82333 | RMB | 說明 | 無 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | | 2,318,776,000 | RMB | | 1 | RMB | | 2,318,776,000 | | 增加 / 減少 (-) | | | | 0 | | | | RMB | | | | 本月底結存 | | ...

长城汽车股份有限公司 关于可转换公司债券转股、2021 年股票期权激励计划及 2023 年股票期权激励计划自主行权结果暨股份变动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 可转债转股情况：2025年5月1日至2025年5月31日期间，共有0元"长汽转债" 已转换成公司股票，转股数为0股。自2021年12月17日至2025年5月31日，累计 共有4,875,000元"长汽转债"已转换为公司股票，累计转股数为127,897股， 占可转债转股前公司已发行股份总额的0.0014%。 未转股 可转债情 况：截至2025 年 5月31 日，尚 未转股的 可转债金额 为 3,495,125,000元，占可转债发行总量的99.8607%。 2021年股票期权激励计划首次授予期权行权结果：2021年股票期权激励计划首 次授予第三个行权期可行权股票期权数量为65,045,039股，行权方式为自主行 权，行权期为2024年7月22日至2025年7月21日。2025年5月行权0股，占2021年 股票期权激励计划首次授予第三个 ...